Bitcoin’s latest sell-off intensified on Thursday, with the world’s largest cryptocurrency briefly breaking below $90,000, extending a multi-day correction driven by derivatives pressure and fading risk appetite. The slump came despite aggressive buying from major institutions and governments, underscoring growing tension between short-term market fragility and long-term bullish conviction.
More than $1 billion in leveraged positions were liquidated in the past 24 hours, adding fuel to the decline. Bitcoin is now trading below $92,000, while Ethereum slipped under $3,000, erasing recent gains across the broader crypto market.
Meanwhile, the probability of Bitcoin falling below $80,000 has surged to 28%, according to derivatives pricing – a sharp jump from earlier in the week.
Big Buyers Step In Despite Market Turmoil
The latest downturn did not discourage major long-term holders. MicroStrategy purchased an additional 8,178 BTC for $835.6 million, continuing its strategy of aggressively expanding its Bitcoin treasury during periods of weakness. The company remains the largest corporate holder of Bitcoin globally.
Governments are joining the buying spree. El Salvador added another $100 million in Bitcoin, doubling down on its national BTC strategy as prices retreated. President Nayib Bukele has maintained that every drawdown represents a strategic accumulation opportunity.
Even private-sector crypto leaders are signaling optimism. Gemini co-founder Cameron Winklevoss called the correction “possibly the last chance to buy Bitcoin below $90,000,” echoing sentiment among long-term bulls who view the decline as cyclical, not structural.
Forecasts Diverge: From Bearish Risks to Extreme Bullish Targets
Despite near-term turbulence, several high-profile predictions continue to point to substantial upside. Cathie Wood, CEO of ARK Invest, reiterated her thesis that Bitcoin could reach $1.3 million by 2030, driven by institutional adoption, regulatory clarity, and the maturing role of BTC as a macro asset.
More unusually, South Korean prodigy Kim Eun-Young – sometimes referred to online as “the man with the highest IQ” – predicted Bitcoin would hit $220,000 within 45 days. He claims he intends to use the profits to build churches worldwide. Though widely viewed as aspirational rather than analytical, the bold forecast reflects the degree of speculative fervor surrounding Bitcoin’s long-term outlook.
Still, the market is contending with immediate risks. The jump in downside probabilities, combined with large-scale liquidations, signals that leverage remains a key vulnerability. Traders are closely watching whether Bitcoin stabilizes above key support levels or continues toward the $80,000 zone.
